Your Vodafone Idea network phone calls, information and SMS will only cost you more. In a major change to the existing tariff rates, Vodafone Idea announced an increase in tariffs from 1 December 2019.
“Acute financial stress in the telecommunications sector has been recognised by all stakeholders and the High Level Committee of Secretaries (CoS) chaired by the Cabinet Secretary is looking to provide sufficient relief. To order to ensure that its customers continue to enjoy world-class digital experience, Vodafone Idea will better raise its tariff rates effective 1 December 2019, “said Vodafone Idea in a press release.
The announcement comes at a time when Vodafone is struggling to keep up with its AGR-related government fees of Rs 44,200 crore. Analysts predicted that this could increase further, placing the company’s balance sheet in a more critical position.
It doesn’t all seem good at Vodafone. Company CEO Nick Read called the situation of the company’s Indian venture serious. “If you don’t get the solutions recommended, the situation is critical,” said Nick Read, CEO of Vodafone, in a statement, “Bloomberg said.
On October 30, news began to emerge that Vodafone Idea was ready to “pack up and leave any day now” due to the increasing losses of the company and the declining market capitalisation that had impacted Vodafone Idea’s balance sheet.
Earlier, the company denied the reports calling it malicious, adding that its Indian project was going through challenging times, but it was not looking at any exit.
